Expect lower oil demand in the fourth quarter.
Oil demand remains high despite inflation and other economic pressures keeping consumers on tightened budgets. Claudio Galimberti, Rystad Energy SVP & Head of Americas Research, joins Yahoo Finance Live to share his oil demand predictions for 2024. "We are still in that phase" of an oil bull market, Galimberti tells Yahoo Finance, making a callback to previous comments on the energy market's reaction to OPEC's production cuts. Galimberti predicts a "very sizable" rate of oil demand heading into 2024, coinciding with forecasts for extended production cuts from Saudi Arabian producers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
(Bloomberg) -- Oil plunged $4 on Wednesday amid widespread malaise in global financial markets, with recent data adding to concern about the demand outlook for crude and gasoline.Most Read from BloombergKey Taiwan Tech Firms Helping Huawei With China Chip PlantsTech Giants Buoy Stocks as Treasury Yields Slide: Markets WrapKevin McCarthy Ousted as US House Speaker by Republican DissidentsWall Street Fear Gauge Ratchets Up After Jobs Data: Markets WrapMcCarthy Ouster Means More Turmoil as Next Shu